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Having that “light bulb” moment, a little thank u to MSE

Alex^
Posts: 5 Forumite
Thought I’d post this as I’ve been viewing these forums for years getting advice but never posted,
Bit of a background on my story to getting back on track
I’ve always worked hard, I own my own house but also spent hard as well, about 5 years ago I split from my ex and kind of didn’t care any more, Also around that time, I wasn’t earning what I was used to but still lived the life style I used to live. But this time spending money before I got it (never works out)
Before I know it (after bout year and half 2 years), I’m well past 20k on credit cards loans and overdrafts, it had caught up,
Now I know a lot of this forum don’t recommend consolidation loans, and even tho I had good credit, I still was 50/50 on being aproved for the loan because of the other debts, but it got to the point where it was either that, or remortgage (which I never wanna do cause I have a brilliant rate)
Anyway, I did get accepted for the loan, at a higher rate than I first thought, but for me I’d hit rock bottom a couple weeks before and after sorting my head out had that lightbulb moment I needed to change, I got the loan but straight away paid everything off that I owed, cancelled my cards thought I’m never putting myself through that again, and never spend money unless I have it now.
Fast forward to now, I’ve managed to get my debt down from £23k ish, down to just over 10k, I owe nothing other than this loan, still use my cards but pay them off straight away, gone back to earning pretty decent money I’ve also managed to save about 7k for “back up” money (I know I should use that to pay off that loan but my wages can range massively)
You may ask the point of this thread, well, it is to say thanks to the forums for the advice I used to (and still read)
But to anyone else out there in a similar situation, there is a way out of debt, but ultimately it’s down to yourself to change ur spending habbits and mindset
Bit of a background on my story to getting back on track
I’ve always worked hard, I own my own house but also spent hard as well, about 5 years ago I split from my ex and kind of didn’t care any more, Also around that time, I wasn’t earning what I was used to but still lived the life style I used to live. But this time spending money before I got it (never works out)
Before I know it (after bout year and half 2 years), I’m well past 20k on credit cards loans and overdrafts, it had caught up,
Now I know a lot of this forum don’t recommend consolidation loans, and even tho I had good credit, I still was 50/50 on being aproved for the loan because of the other debts, but it got to the point where it was either that, or remortgage (which I never wanna do cause I have a brilliant rate)
Anyway, I did get accepted for the loan, at a higher rate than I first thought, but for me I’d hit rock bottom a couple weeks before and after sorting my head out had that lightbulb moment I needed to change, I got the loan but straight away paid everything off that I owed, cancelled my cards thought I’m never putting myself through that again, and never spend money unless I have it now.
Fast forward to now, I’ve managed to get my debt down from £23k ish, down to just over 10k, I owe nothing other than this loan, still use my cards but pay them off straight away, gone back to earning pretty decent money I’ve also managed to save about 7k for “back up” money (I know I should use that to pay off that loan but my wages can range massively)
You may ask the point of this thread, well, it is to say thanks to the forums for the advice I used to (and still read)
But to anyone else out there in a similar situation, there is a way out of debt, but ultimately it’s down to yourself to change ur spending habbits and mindset
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Comments
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You have done so well.
Keep goingI am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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